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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What are the factor payments for land, labor, and capital?

To determine

The factor payments for land, labor and capital.

Explanation

Factor payments: are regarded as the income people receive for providing or supplying the various factors of production.

These are the payments people receive for the services they have rendered from time to time.

Factor payments are: Wages, interest, rent and profit for the services rendered.

The various factors of production are:

  1. Land: rent is the payment which is paid for the use of land...

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